The Global Infrastructure Fund (GIF)

摘要

The planning and implementation of multinational public investment on a worldwide scale should be most effective as a long-range global economic policy. It could be termed a 'Global New Deal.' What is meant by multinational public investment is that which involves several countries both in the execution of projects and in the scope of the benefiting areas, and wherein the period of implementation and the size of investment exceed the scope of public investments made by a single country. Moreover, since the object of such investment would be directed at removing restraints on resources, it would also serve to eliminate latent factors causing inflation. In order to realize these projects, a $13 billion fund, tentatively named the Global Infrastructure Fund will be established with, for instance, annual contributions of $5 billion collectively from the United States, West Germany, and Japan $5 billion from the OPEC countries and $3 billion from other industrially developed nations. Such a fund will serve to finance projects with a multiplier effect on a $25 billion scale annually until the end of this century. Total expenditures on these projects should reach a level of about $500 billion. Such an amount would not be very large for expenditures on public works of worldwide dimensions, but its purpose is to carry out a pump-priming role that would arouse effective demand comparable to the military expenditures during World War II.